Wells Fargo & Company Upgrades Snowflake (NYSE:SNOW) to Overweight

Snowflake (NYSE:SNOW) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a $200.00 price objective on the stock, up from their prior price objective of $150.00. Wells Fargo & Company‘s target price would suggest a potential upside of 24.10% from the company’s current price.

Several other research firms also recently commented on SNOW. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, November 28th. Citigroup decreased their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research note on Monday, November 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price objective on shares of Snowflake in a research note on Tuesday, November 19th. Needham & Company LLC boosted their target price on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, JMP Securities restated a “market outperform” rating and issued a $190.00 target price on shares of Snowflake in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $187.11.

Snowflake Stock Performance

Shares of Snowflake stock opened at $161.16 on Tuesday. The business has a 50-day simple moving average of $154.55 and a 200 day simple moving average of $133.42. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $53.20 billion, a price-to-earnings ratio of -47.54 and a beta of 1.05.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00. Following the transaction, the director now directly owns 195,281 shares in the company, valued at approximately $30,268,555. This represents a 33.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 376,904 shares of company stock valued at $62,545,855 in the last three months. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in the stock. Fulton Bank N.A. purchased a new position in Snowflake in the fourth quarter worth $216,000. Diversified Trust Co lifted its stake in Snowflake by 174.8% during the fourth quarter. Diversified Trust Co now owns 4,906 shares of the company’s stock worth $758,000 after purchasing an additional 3,121 shares during the last quarter. Doliver Advisors LP boosted its holdings in shares of Snowflake by 268.7% in the 4th quarter. Doliver Advisors LP now owns 8,262 shares of the company’s stock worth $1,276,000 after purchasing an additional 6,021 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Snowflake by 2.3% in the 4th quarter. Nordea Investment Management AB now owns 23,911 shares of the company’s stock worth $3,682,000 after purchasing an additional 536 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of Snowflake during the 4th quarter valued at about $1,390,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.